A bill of sale is a sales receipt or a contractual document when an individual sells an item of high value. The bill of sale or transfer document could be prepared for the sale of an aircraft, a used car, or even a house. The bill of sale isn't restricted to certain cases and can even cover scenarios such as the sale and purchase of a personal property. The bill of sale word template is necessary for closing sales deals and here we have several free bill of sale word templates.

Benefits of Drafting a Bill of Sale

Buying or selling property or a vehicle can be a major investment, which is why you must record the sale through a bill of sale. Bill of sale word templates can help make the process easier. Some of the benefits of drafting a bill of sale include:

Legal Protection

A signed copy of a bill of sale can help give you legal protection from complications after the asset's sale. Once you sell an asset, including an automobile, a house, or even personal property, you no longer hold liability for it. A bill of sale acts as authentication of just that and protects you from unnecessary future litigation.

For instance, without a bill of sale, all parking tickets incurred on your sold vehicle will come in your name and not in the name of the new owner. The bill of sale authenticates that you have sold the property to another individual and aren't responsible for the dues.

Easier Registration for New Owners

New owners want to simplify the registration process after purchasing a used car. A bill of sale can help make the process easier for the new owner. With a bill of sale, all new owners can proceed to the relevant department and transfer the vehicle to their name.

A bill of sale can come in handy even with assets other than a vehicle. The bill of sale ensures that the details mentioned on the document are authentic and record the complete transaction.

It is Legally Required

Cutting a long story short, bills of sales are a legal requirement in the United States. Getting a bill of sale only makes legal sense, considering the process that is to follow after buying an asset. Some states in the United States require a notarized bill of sale for the process to be considered authentic. You can look up laws within the state you live in and even in your country to see the legal requirements.

What is the Bill of Sale Word Template?

As we have mentioned above, a bill of sale or a certificate of transfer is usually created to testify the transfer of ownership of an asset, usually an automobile. The bill of sale contains all necessary information pertaining to the transaction and a lot more.

A typical bill of sale will contain details about the object being sold, the expiry information if any, the special conditions, prior history, requirements for future upkeep, and the manufacturing date.

The bill of sale may also contain information related to both the seller and the buyer. The bill of sale may include information such as the address of the seller and buyer's address, phone numbers, and name. The document will also mention the payment terms, the total amount, and the financial details pertaining to it.

Most organizations today have regulated the use of bills of sales to record all kinds of sales and purchases. The bill can be further notarized to add legal value.

How It Works

A bill of sale can either be quite simple or complex based on how you use it. In most cases, the receipt you get from the seller at the purchase can be considered a bill of sale. For instance, the POS receipt you get from your retailer after a sale can also be considered a bill of sale.

However, the sale and purchase of costly goods do require a separate bill of sale. Assets worth substantial sums of money, like automobiles, should be transferred through a documented bill of sale.

A bill of sale can be distributed in the following categories:

· Conditional Bill of Sales: A conditional bill of sale is marked against token payment to secure the purchase. The conditional bill of sales gives the grantee the personal right to seize property.

· Absolute Bill of Sale: An absolute bill of sale is not a form of security but notifies the evidence related to the sale of an asset. The absolute bill of sale marks a complete transaction and isn't governed by any regulations. 

Why Businesses Need Proper Documentation

The automation you get through bill of sale word templates can rid you of your headaches and can give you the documented proof you require for managing contracts and transfers. There is also the added benefit of a secure and encrypted place for storing and managing your documents – only accessible to employees with permission from you.

It is common for most organizations to jump on to new projects as soon as they finalize documentation on the previous one. However, we believe that you should stop for a while and focus on the post-execution evaluation stages of the contract.

Schedule an internal meeting with all your team members and determine the pain points within the contract. Analyze the causes that led to disturbances and find ways to minimize them. All such evaluations will help you out whenever you face similar situations in the future.

When to Use the Bill of Sale Word Template?

The bill of sale or transfer documents are usually prepared for the sale of a house, a used car, or even an aircraft. The bill of sale isn't restricted to certain cases and can even cover scenarios such as the sale and purchase of a personal property.

A signed copy of a bill of sale can help give you legal protection from complications after the sale of the asset. Once you sell an asset, including an automobile, a house, or even personal property, you don't hold liability for it anymore. A bill of sale acts as authentication of just that and gives you protection from unnecessary litigation in the future.

For instance, without a bill of sale, all parking tickets incurred on your sold vehicle will come in your name and not in the name of the new owner. The bill of sale authenticates that you have sold the property to another individual and aren't responsible for the dues.

How to Use Bill of Sale Word Template

A printable general bill of sale template word document is easy to use. All you need to do is download the template and fill in your specific details inside it. All templates you find on the internet are for general use, and you will have to add your specific details within them to be able to use them for your case.

For instance, you will have to customize the template for your specific use by adding details pertaining to the vehicle you are selling/buying and other information pertaining to it. Most templates come with blanks which you can fill with relevant information. Also, the information you fill in can be attested and notarized for further verification.

Where to Download Bill of Sale Word Template?

Bill of sale word templates can easily be found on WPS templates. We assist users further by mentioning some of the best templates in the section below. You can download these free word templates and work on them to finalize your bill of sale and document your sale/purchase.

Best 5 Bill of Sale Word Template

We now recommend the best 5 Word templates for a bill of sale. Run through them and find your best fit.

1.Contract and Bill of Sale for Automobile

This contract and bill of sale for automobiles is a comprehensive document prepared for the sale and purchase of automobiles. The document fully mentions all details pertaining to the sale of your automobile and can be filled with personalized details in the blanks.

This document entails all relevant details required for a fully detailed bill of sale and requires both the buyer and the seller to mention their details. The contract also outlines that the seller must file a notice of transfer within five days of the transaction, while the buyer should complete the transfer of ownership within ten days of the sale.

2.Casual Automobile Purchase Agreement

This casual automobile purchase agreement can work as a purchase agreement and a bill of sales. The agreement comes with a detailed template on all information meant to be provided by the buyer and the seller. This printable general bill of sale template word document can be used to authenticate your sale and to create a solid proof of the transaction.

The bill of sale also comes with title and lien information. The bill of sale directly deals with the sale and purchase of an automobile, which is why the blanks are related to vehicle description and details.

3.Payment Agreement Contract

This payment agreement contract can be used as a bill of sale for the sale of assets that require a payment agreement. The document is authentic in nature and provides legal verbiage for setting payment instructions for deferred payment on the sale of an asset.

The agreement clearly outlines that the seller can take corrective action if the payment isn’t made on time. As per the document, “This agreement is binding, and failure to meet its terms will allow the Lender to take certain recourse. First, late payments will incur a fee of {fee} every {interval}. Insufficient payment and bounced checks will incur a fee of {fee}. If payment should not be delivered at all, Lender will be entitled to {describe how Lender will act, such as contacting a debt collection service}.”

This template works perfectly for cases where the payment is deferred and is to be paid through installments rather than at one given time. The documentation can help both parties refer back to the initial agreement.

4.Blue & White Mortgage Agreement

This blue and white rental agreement is meant for mortgages and other rental activities. The agreement outlines the details of the rental process on paper and ensures that all parties are on board. While not a typical bill of sales agreement, this document can come in handy for transferring rental payments.

The document requires the name of the rental property and the individual(s) it is being rented out. The mortgage rental agreement initiates the process of the mortgage, and ensures that both parties have a bill of sale/rent available for future referencing.

5.Simple Cash Receipt Form

This simple cash receipt form can be filled in through Excel and used as a bill of sale. As we have mentioned above, the receipt received at the time of sale can act as a perfect bill of sale in most circumstances. With this in mind, this bill of sale can help make transactions easier and record the details of a sale for you.

As a retailer, or an individual selling your personal property, you will need to have a receipt of the transaction available to you at all times. The receipt may include details of the transaction, along with a balance that may be left due.

This simple cash receipt form does just that and gives retailer and individuals a chance to document their sale and purchase.

Conclusion

The automation you get through bill of sale word templates can rid you of your headaches and can give you the documented proof you require for managing contracts and transfers. There is also the added benefit of a secure and encrypted place for storing and managing your documents – only accessible to employees with permission from you.

A bill of sale word template can help make the creation process easier. The template allows you to add your personalized details on a general form with all legal angles covered. The templates on WPS can be downloaded from their website. Additionally, you can use WPS Office to manage your templates and documents. The software comes with a smooth interface and easy-to-use templates for fast processing.